University abandoning yearly record (5)
I believe the answer is:
annal
'record' is the definition.
(I've seen this before)
'university abandoning yearly' is the wordplay.
'university' becomes 'U' (abbreviation for university).
'abandoning' suggests deleting specific letters.
'yearly' becomes 'annual' (synonyms).
'annual' with 'u' taken out is 'ANNAL'.
(Other definitions for annal that I've seen before include "Record of a year's events" , "Record of one year" , "Year's entry in chronicle" , "Yearly record" , "Official record" .)